Short-term loan pricing varies significantly by state, loan amount, term, and applicable federal protections. RMO discloses your exact APR, total finance charge, and payment schedule before you sign anything.
Factors that determine your cost:
- State of residence — states have different APR caps, fee schedules, and rollover rules.
- Loan amount and term — smaller amounts and shorter terms typically have higher APRs.
- Federal Military Lending Act (MLA) — for active-duty servicemembers and their dependents, MAPR is capped at 36%.
- Your overall credit profile — affects pricing within state-allowed ranges.
How short-term loans compare to alternatives:
- Short-term / cash advance: Higher APR, very short term — designed for one-time emergency use.
- RMO Personal Loan: Lower APR, fixed monthly payment over 1–5 years.
- RMO Line of Credit: Revolving — pay interest only on what you draw.
- Credit card cash advance: Similar APR to short-term loans, with fees.
If you have other options, you may want to consider them first. For most members, a personal loan or line of credit is a less expensive way to handle unexpected expenses.